The study can be found here.
From the excellent Richard Murphy:
I think this graph tells a story very few seem to know about:
All data is from the HM Treasury Pocket Bank for 30 September. I have extrapolated 2014/15 borrowing from the August data to suggest whole year borrowing of just over £107 billion based on average proportion of total year borrowing to 31 August over the past five years.
The conclusions are stark: the Coalition has borrowed more than four times more a year than 3.3 times a year what Labour did, on average.
In five years the Coalition has borrowed more than Labour did in 13, by a considerable margin.
And there wasn’t an unforeseen banking crisis on the Coalition’s watch.
So why is the story still told that it is Labour who borrowed too much? Purely objectively that makes no sense and says that there is another entirely different story to be told here.
From the excellent Simon Wren-Lewis, Professor of economics, who explains how Tory austerity has actually wrecked Britain’s economy, not helped it. Radio 4 World At One, today. (4 minutes)
Just more proof of what we already know – not only that austerity wrecks an economy, but that the Tories were going to make their cuts ANYWAY, because that’s what they believe in, and simply used the Global Crash of 2007-8 as their excuse, and the previous government as their scapegoat. With many thanks to Robert Livingstone for capturing both audios: Listen here.
Austerity has not encouraged investment in the UK:
The Coalition have a track record of lying and trying to mislead the public. David Cameron has now been rebuked several times for making false claims: on NHS spending, the rising national debt and the impact of his tax rises and deep spending cuts on economic growth. The Tories invented figures to claim people are now “better off”, but which totally ignored and excluded an account of the impact of significant factors like the rise in VAT, the cost of living, cuts to tax credits and other benefits.
The government is committing fraud on a grand scale. The reason for such deceit has nothing to do with public finances or the state of the economy, and everything to do with shrinking the public realm. There is an irreducibly ideological dimension to Tory economics, and by making it sound “scientific” when really, it’s more akin to philosophy or Tory buck passing, they attempt to lend it an air of authority and legitimacy it does not deserve.
The only thing that unites Tories is wealth, they mostly thrive on creating social divisions. The Tories have used a justification narrative based on a moral entrepreneur approach to scapegoat and vilify vulnerable social groups in order to justify transferring our public wealth to private bank accounts, behind the façade of austerity. What we are witnessing is a governments’ nonchalant adherence to Tory ideology, no matter what the consequences for the poorest, the sick and disabled, the unemployed and most vulnerable. Or the economy.
The Tories peddled the lie that due to Labour’s management of the economy, the UK was “on the brink bankruptcy” and claim the solution to is to cut government spending with a painful programme of austerity cuts. Of course the UK economy was growing in 2010 when the Tories took over and was subsequently plunged back into recession by Osborne’s austerity policies which have meant that the economy has not grown at all under the coalition; and for much of their tenure , it has been contracting.
Many economist have said consistently that this is the wrong approach. The best solution is to borrow or, better, create money to invest in infrastructure. But what we have instead is Osbornes’ closed economy, with a colossal redistribution of public funds to few private businesses and millionaires, who are sat on our money, whilst the government is steadily removing even more of our public capital through deep cuts. There is no investment in the infrastructure, public services – it’s a framework of increasing and devastating socio-economic entropy.
The Tories seem to think we have forgotten that it was they that lost the Moody’s Investors Service triple A grade, despite pledges to keep it secure. Moody’s credit ratings represent a rank-ordering of creditworthiness, or expected loss.
The Fitch credit rating was also downgraded due to increased borrowing by the Tories, who have borrowed more in 4 years than Labour did in 13. In fact this Tory administration have borrowed more than every single Labour government ever, combined.
The Tories have seized an opportunity to dismantle the institutions they have always hated since the post-war social democratic settlement – institutions of health, welfare, education, culture and human rights which should be provided for all citizens. The Tories attempt to destroy fundamental public support for the health, education and welfare of its people. Offering and inflicting only regressive, punitive policies and devastating cuts, the Tories lie to drag the compliant, conforming and increasingly shell-shocked electorate along as they dismantle our social democracy, our public services, fundamental rights and the very basis of our civilisation.
Whenever this authoritarian government have been challenged and opposed effectively, they simply ignore or edit the law, veto tribunal rulings or invoke archaic government privilege to bypass opposition and to get their own way with unpopular policies, such as The Health and Social Care Bill and the Welfare “Reforms”.
That a government needs to engage in such underhanded methods to pass their policy through the legislative process, and justify such policies by lying, and by the malevolent scapegoating of vulnerable sections of society via the media, informs us that those policies are not addressing public needs, and wishes; that they are not democratically motivated or processed and that they reflect a political ideology which does not accommodate social and economic realities, nor is it fitting for a so-called first world liberal democracy that is a signatory to several international human rights charters to witness a government so deceptive and arbitrary in its approach to legitimacy.
Here is a catalogue of officially recognised Tory lies used to justify their unjustifiable policies which have resulted in official reprimands.
Thanks to the excellent Robert Livingstone for the excellent memes.